By Kathy Sweeney - email@example.com
CAPE GIRARDEAU, MO (KFVS) - One veteran loan originator calls it the best kept secret in home buying right now.
"There's really not much out there telling people unless they're on Yahoo or whatever that this is going on," explains Sandy Schooley of Bank Star in Cape Girardeau, " but right now it's an incredible time to purchase or refinance."
In fact, Schooley tells me she's seeing the lowest interest rates of her career.
"They really have opened up the market since we've lost the $8000 credit", Schooley explains. It gives us more reason for people to be buying and even better reasons for people to be refinancing."
Schooley says we can thank the up and down economy for the record low rates. When I talked with her on Wednesday, that rate stood at 4.5 %.
Here's the savings breakdown on a $150,000.00 home loan.
"I've got a 6% interest rate right now. What's it going to save me to go down to that 4.5?", I asked her.
"Well at 6%, and I'm taking it for granted that you just got this loan, the principal and interest is 899. If we took you down to 4.5%, principal and interest is going to go down to 760. That's $136.00. That's a lot of savings each month", Schooley says.
And, she points out, there's another kind of savings to consider.
"You may have a 6% rate on a $50,000 loan. You may want to come in and take a look at a 15 year rate and knock down the time you've got left to pay that $50,000 off."
Schooley says the key to benefiting is to move quickly, to lock in that rate.
"And we'll either do it for you right then and there, or we'll tell you that it's probably not a good idea for you", Schooley says.